OK, I think I may have finally found out what is dripping and causing all the steam/smoke under the hood. After changing the valve cover gaskets on the 360, the problem was not solved. I recently wiped the suspect areas down to they were mostly dry, then stood over the engine while it was running, waiting for things to warm up and the steam to start. Sure enough, a drip appeared on the pressurized power steering hose, right where the rubber hose itself meets the metal fitting. I am thinking that since it looks like a pretty old hose, perhaps the power steering fluid is seeping out of the fitting, or from the hose itself. The tank was a bit low on fluid. BUT, the drip I saw didn't match the color of the fluid I added. That worries me...
Sooooo, I ordered a low pressure hose, a high pressure hose, and a spare metal fitting for the steering box. It all cost about $45 from Rock Auto (with shipping from three different warehouses). Not sure if we will get the parts put on before the snow flies.
Stay tuned for updates on this topic. Though it may take a while!